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Hi All,

As promised here’s a brief update on what’s been happening with the US Dollar over the last week.

The twin deficits of Federal Budget (-176.4b) and Trade (-36.5b) weighed heavily on the USD over the latter part of the week and equity markets were able to shrug off indifferent economic data to close the week only marginally off 2009 highs. Two measures of consumer confidence disappointed, IBD/TIPP Economic Optimism (47.9 from 48.7) and University of Michigan Consumer Sentiment (66.0 from 70.6) showed continued concern in households about job prospects and may inhibit retail spending in the forthcoming US holiday season that accounts for the majority of retailers annual revenue. However, equity markets were able to take the glass half full view and fed on positive earnings outlooks from Walt Disney, Abercrombie & Fitch and JC Penney, that countered the more pessimistic forecast from Wal-Mart earlier in the week. Volumes on all the equity indices were low but another strong weekly close cannot be denied and continued pressure on the USD shows little sign of abating.

Retail Sales will be watched closely this week along with manufacturing data from the New York and Philadelphia Fed Reserve areas.

GBP/USD Movement – High’s & Low’s of last week (09/11/09 – 13/11/09)

High’s: 1.6845
Low’s: 1.6516

A movement of: 1.99%.

Difference on £200k

High: $336,900
Low: $330,320

Difference of: $6,580

Whilst FX isn't the most thrilling of subjects, the sooner you begin to think about your money transfers, the more likely you are to make your money go further.

A further update will be added next week.

Regards




Jon Sermon
HiFX
 
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